New Brunswick Court of Queen's Bench confirms Fern Trust's 10% net profits interest in the Caribou Mine owned by Blue Note Mining Inc.



    TORONTO, Oct. 1 /CNW/ - The Fern Trust is pleased to announce that the
New Brunswick Court of Queen's Bench, by its Decision dated September 30,
2008, granted the Fern Trust's motion for summary judgment against Blue Note
Mining Inc. (TSX: BN) ("Blue Note") and declared that the Fern Trust has a 10%
net profits interest ("NPI") in the Caribou Mine located at Bathurst, New
Brunswick.
    In litigation among the Fern Trust, Blue Note and Breakwater Resources
Ltd. ("Breakwater") concerning the existence of the NPI, the Fern Trust
brought a motion for summary judgment for a declaration that it owned the NPI
in the Caribou Mine. Blue Note opposed the Fern Trust's motion. In the
Decision, the Honourable George S. Rideout stated that "there is no merit to
Blue Note's position" and that the Fern Trust "has a 10% net profits interest
which runs with the Caribou Mine". Justice Rideout also determined that "Blue
Note had factual notice of the NPI prior to closing the purchase of the Mine"
from Breakwater.
    The Fern Trust's motion was made without prejudice to its claim of
anticipatory breach by Blue Note of the NPI and its claim for $40 million of
damages (or such amount as calculated in accordance with the NPI) as a result
of the anticipatory breach. The Fern Trust intends to vigorously pursue its
claims in this litigation.





For further information:

For further information: A.H. Bousfield - 44-0-148-124-4662

Organization Profile

THE FERN TRUST

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890